- Coinbase and MicroStrategy surge over 18%, ranking among top-traded stocks alongside Tesla and Nvidia.
- Bitcoin hits $84,687, with a 5.92% daily gain and market dominance climbing to 58.31%.
- Crypto trading volumes skyrocket as institutional interest grows and retail investors embrace long-term holding strategies.
ETF analyst Eric Balchunas recently noted an interesting market shift on Twitter (now X). Coinbase (COIN) and MicroStrategy (MSTR) became two of the top-traded stocks, joining Tesla (TSLA) and Nvidia (NVDA) in the top five. Both crypto-related stocks rose over 18%, which may indicate growing interest in digital assets.
Tesla Gains While Other Tech Stocks Fall
Tesla gained 10.99%, generating $30.39 billion in trading volume. Investor enthusiasm for the EV giant remains high. However, major tech players like Apple, Microsoft, and Meta each fell over 1%. This suggests that investors may be selling those stocks after recent highs. Nvidia also fell 1.44%, which may indicate some caution in the chip sector despite the company’s AI leadership.
Bitcoin rose to $88,550 , a 6% gain in 24 hours, with trading volume over $97 billion. The leading cryptocurrency’s market cap is $1.67 trillion. Furthermore, Bitcoin’s dominance reached 58.31%, which shows its influence in the crypto space. Futures trading volume increased 40.50%, and liquidations rose 35.75%, suggesting heightened market activity.
Read also: Crypto vs. Stocks: Is Ethereum the Nvidia of the Digital Asset World?
Bitcoin’s fundamentals appeared strong, with all holders holding profitable positions. Investors made over $159 billion in large transactions last week. Additionally, exchanges recorded $671 million in outflows, which may indicate a preference for long-term holding. Institutional investors show growing interest, and retail participation grows rapidly.
Mixed Signals in Market Sentiment
The Crypto Fear & Greed Index is at 76, which shows cautious optimism among investors. Gold, which is traditionally a safe haven, fell 0.38% as risk appetite grew. However, mixed signals in funding rates and long/short ratios indicate that volatility may continue in the near term.
The market sees a clear divide between tech and crypto stocks. While traditional tech shows some consolidation, crypto-related equities use the renewed enthusiasm to their advantage. As Bitcoin maintains its upward trend, market participants watch to see whether the bullish sentiment will expand.
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